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REPORTING OF MINERAL RESERVES AND RESOURCES IN SOUTH AFRICA
CURRENT SITUATION
Ferdi CAMISANI
Phone & Fax +27 12 430 4594
Ad Hoc Group of Experts on Harmonization of Energy Reserves and Resources Terminology
9-11 November 2005
COMMERCIAL REPORTINGStock exchanges, public reporting
NON-COMMERCIAL REPORTING
State
Statutory Agencies
COMMERCIAL REPORTING
SAMREC(South African Mineral Resource Committee)
-Started January 1998
With representatives from
Institute of Mining and Metallurgy (SAIMM) Umbrella organisation and sponsor
- MINING -Chamber of Mines (CoM)Geological Society (GSSA)
Geostatistical Association (GASA)
- SECURITIES -Johannesburg Exchange Commission (JSE)
- LAW & FINANCIAL -Association of Law SocietiesGeneral Council of the BAR
Council of Banks
- ACADEMIA & RESEARCH -Witwatersrand University
- STATUTORY BODIES -Council of Geoscientists (SACNASP)
Engineering Council (ECSA)Council of Professional Surveyors (PLATO)
- GOVERNMENT ORGANISATIONS -Department of Minerals and Energy
(Minerals Bureau)
Council of Geosciences
Final Obligation from the SAMREC process:
Mining industry
Mining and mining-financial companies listed on JSE
JSE
Financial institutions
Mining research institutions and universities
Government mining institutions and organisations
Bound to adhere to the SAMREC Code for non-government reporting
Effective SAMREC membership
+ 20 000
First Edition of SAMREC Code
Effective May 2000
COMMODITY SPECIFIC REPORTING
FOR
COAL
South African Guide to the Systematic Evaluation
of Coal Resources and Reserves
Guideline to cater for both Stock Exchange and Government Resource
reporting requirements.
MineralResources
MineralReserves
In-situ To Plant
Indicated
Measured
Probable
Proved
The ‘Modifying Factors”
Inferred
COAL Mineable insituROM
Saleable
Second Edition of SAMREC Code
Main General SectionAs all-embracing as possible
Out-of-norm Commoditieswhere deemed necessary
and to the extent they are needed: Coal
DiamondsOil & Gas
OthersExpected implementation March 2006
COMPETENT PERSON
Registered with a Body Approved by SAMREC
Minimum 5 Years Relevant Experience
Full Responsibility
APPROVED BODIES
SACNASPPLATO ECSA
Plus:SAIMM, GSSA
and ROPOs (AusIMM, CIM, SME, EFG, IMMM etc)
JOHANNESBURG EXCHANGE COMMISSION
(JSE)
JSELists + 50 major mining companies/groups
Including
Anglo American
BHP Billiton
Goldfields
Harmony
Impala Platinum
Anglo Platinum
SASOL
ASSMANG, etc
�SAMREC Code fully adopted�JSE: CPR - Readers Panel instituted�CPs: Strict rules and accountability�Oil and Gas: No specific requirements
(Equivalence to SAMREC classification compulsory for listing)
SECTION 12
PANEL REVIEW PROCEDURE FOR CPRs
Acceptanceor
Rejection
CP/Company
JSE PANEL OF READERS JSE SAMREC
End of Process
SAMREC DISCIPLINARY PROCEDURE
JSE
None
Reprimand
2 year suspen.
COMPLAINT SAMREC
COURT
ST. BODY SAIMM, GSSA
COMMISSION
End of Process
Disciplinary action
NON-COMMERCIAL REPORTING
GOVERNMENT MINING ENGINEERS
(GME)
REPORTING TO STATE
“South African Mine Valuation” by C. D. StorrarGuideline text for precious metals ~base metals reporting
Into lawResponsibility: Qualified Mine SurveyorRequirement: In-situ estimatesFundamental rule: Mining at the deposit’s average
grade
GOVERNMENT MINING ENGINEERS
(GME)
PRECIOUS METALSReporting to GME
•Proved reserve (=“measured ore” USA; ore reserve = the payable portion of the proved reserve)
–Fully developed (…immediately available…)–Partly developed (….not immediately available…)–Undeveloped (….unavailable..)
•Probable reserve (=“indicated ore” USA)
•Possible reserve (=“inferred ore” USA)•Life-of-mine reserve (Proved + Probable + Possible)
ATOMIC ENERGY CORPORATION OF SOUTH AFRICA
(AEC)Ultimately, reporting to
IAEA
REPORTING TO STATUTORY AGENCIES
Decreasing confidence in the estimates
Reporting requirements:
Cumulative reporting per company/group
Reporting above 60 ppm U3O8 mandatory (being revised)
In-situ estimates
No strict requirement for CPs
AEC
Reporting requirements form (detail, example):
REASONABLY ASSURED RESERVES AND RESOURCES
Average grade (kg U3O8/t) …………..
Cut-off grade (kg U3O8/t) …………..
Average thickness (m) …………..
Depth range (m below surface) …………..
Tonnes U (recoverable) …………..(Factors used for conversion) (…………..)
AEC
THE END